Full-Year Revenue Jump Reported by mybet

German betting and casino operator mybet Holding SE has just published its unaudited financial results for fiscal year 2014. The full, audited version of the annual report will be released in the first days of April.

Executives pointed out that the company managed to effect a turnaround and to develop its operations positively in 2014.

In 2014, revenue was reported at €70.4 million, or an increase by 5.1% in comparison with the figure reported in 2013. The growth in revenue was primarily attributed to the fact that the company’s sports betting operations attracted a great number of new customers. Furthermore, results from online horse betting were more than excellent in 2014.

Executives explained that mybet focused on its core operations during the previous fiscal year and thus, managed to compensate for the revenue lost due to the deconsolidation of DIGIDIS S.L., a Spain-based lottery distributor. After revenue from the latter company was adjusted, a growth was still marked.

mybet also posted positive earnings before interest and taxes of €0.6 million as compared to negative EBIT of €11.3 million in 2013.

As mentioned above, the most substantial growth was reported for the company’s sports betting and horse betting operations. Sports betting revenue increased 20.9% to reach €40.3 million. The excellent results were attributed to the upgrades in the operator’s store structure and the 2014 FIFA World Cup.

A 6.4% drop in casino and poker revenue was posted, as the operator left several European markets. It totaled €21.9 million in 2014 compared to €23.4 million in 2013. It is important to note that the results from the previous year include revenues from the European markets in question. mybet withdrew it operations from those in mid-2013.

Horse betting posted a 25.4% rise. Revenue amounted to €7.1 million in 2014 compared to €5.6 million in 2013.

Sven Ivo Brinck, Chief Executive Officer of mybet, commented that the operator will continue focusing on its core operations in 2015. He also pointed out that its platform will be optimized, as this will most definitely influence its financial performance in 2015.

Mr. Brinck pointed out that they will do their best to provide their customers with three main things – “brand promise, a perfect product, and excellent customer service.” Special attention will be paid to the mobile sector development.

The company’s Management Board predicts two equally possible scenarios for the current fiscal year. On the one hand, investment in certain systems and products and the negative effects the introduction of VAT for poker and casino games might result in balanced revenue and earnings in 2015. Executives said that they expect between €70 million and €75 million to be generated by the end of this fiscal year.

On the other hand, if the company decides to invest in diversifying its sports betting catalog, the predicted revenue might reach and even slightly exceed €75 million. Yet, negative EBIT of €0.5 million is likely to be posted.

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